Japanese Broker Gave Favors to Lawmaker Ishii
Newsfrom JapanEconomy Politics
Tokyo, Sept. 5 (Jiji Press)--Japan Private Asset Securities Inc. gave favors to House of Councillors lawmaker Hiroo Ishii of the ruling Liberal Democratic Party in derivatives trading, it was learned Thursday.
The securities house let Ishii, 55, continue derivatives trading though his deposited margin fell below the required level.
"It is true that his account suffered a margin shortage for some time during the process of trading," according to a statement released by Ishii's office.
On Friday, the Securities and Exchange Surveillance Commission recommended the Financial Services Agency to punish the securities house for giving favors to a specific customer in an alleged violation of the financial instruments and exchange law.
The securities market watchdog, however, did not disclose the name of the customer.
[Copyright The Jiji Press, Ltd.]